India’s IPO tally at 6-yr high in 2023
However, IPO value fell over 9% to $7.10 bn due to absence of big-ticket listings
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New Delhi: In total, 243 companies were listed on Indian bourses in the year ended December 31, 2023, the highest annual tally in at least six years, according to S&P Global Market Intelligence data. The aggregate transaction value of the IPOs in 2023, however, fell more than nine per cent to $7.10 billion, dragged down by the absence of big-ticket listings such as Life Insurance Corp of India, through which the Indian government raised more than Rs20,500 in 2022 alone, the data said.
IPO activity in India is set to remain strong this year after the number of listings rose more than 65 per cent in 2023. The expected boom comes as companies look to take advantage of the country’s robust economic growth, young population and the government’s increased focus on digitisation.
India stood out as one of the few bright spots for IPOs in 2023 as activity slowed in other major markets across the globe. The number of IPOs globally fell 15.8% to 1,429 in 2023, and the aggregate transaction value was down a sharp 33.6%, the report said.
India took the third spot among global markets in terms of IPO proceeds in 2023, reflecting a shift in the sources of capital and maturing local markets, according to a PwC report released in January. The professional services firm said India’s National Stock Exchange (NSE) surpassed Hong Kong in terms of market capitalisation in November 2023, reaching nearly $4 trillion.
